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The imposition GST on the transfer of plots within the Gujarat Industrial Development Corporation (GIDC) estates in Gujarat has faced opposition from industrial units in the region. Micro, small, and medium enterprises (MSMEs) have incurred significant GST debts, surpassing their earnings, due to the financial constraints of their businesses. The Gujarat Chamber of Commerce and Industry (GCCI) has raised this issue with the state's chief minister and the Union finance minister. The matter may be taken to court if a resolution is not reached.Read more
Emami Realty, a subsidiary of the diversified Emami Group, announced a consolidated net loss of Rs 17.79 crore for the quarter ending March 31, 2023. The company experienced a decline in net consolidated total revenue and recorded a negative EBITDA metric during this period. In fiscal year 2023, Emami Realty witnessed a significant decrease in total revenue compared to the previous year. Despite these financial challenges, Emami Group continues to be a prominent player in various sectors and has successfully developed notable projects in Kolkata.Read more
Brigade Enterprises, a prominent real estate company, achieved a net consolidated profit of Rs. 63.09 crore in the quarter ending on March 31, 2023, marking a significant improvement compared to the net consolidated loss in the same period of the previous fiscal year. The company's total income for Q4 FY23 decreased by 9.60% to Rs. 872.11 crore. Despite the decline, Brigade Enterprises maintains a strong pipeline of ongoing and upcoming projects, totalling 20 million square feet and 7.5 million square feet, respectively. With a net debt to equity ratio of 0.55:1 and no debt in the residential division, Brigade Enterprises demonstrates financial stability and resilience.Read more
Global distressed asset investors such as PAG, Oaktree, and Varde Partners have capitalized on opportunities amid India's real estate turmoil. While domestic lenders retreated following the NBFC crisis, these international firms injected billions into the sector, filling the credit vacuum. PAG has loaned around $1.3 billion to developers in the past four years, while Oaktree Capital and Varde Partners have made strategic investments and loaned hundreds of crores. Amidst economic reforms and market instability, this trend demonstrates how international investment is playing a crucial role in stabilizing the Indian real estate landscape.Read more
Sunteck Realty has reported a net consolidated loss of Rs. 27.93 crores for the quarter ending on March 31, 2023, which is a significant increase from the previous year's quarter. The company's net consolidated total income for the same period declined by 64.53%. The board of directors has proposed a dividend of 150% and authorized a resolution to raise funds up to Rs 2,250 crore through various means. Additionally, the board has approved the consolidation plan to merge Sunteck Realty with its wholly owned subsidiary firms, aiming to streamline operations and optimize synergies within the company's portfolio.Read more
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Roche, the multinational pharmaceutical company, has acquired an office property in Pune, India, from Brookfield Properties. The property will serve as the headquarters for Roche Information Solutions India, Roche's healthcare digital subsidiary. The lease agreement spans nine years, with Roche Information Solutions India expected to pay over 210 crores in rent during this period. The acquisition reflects Roche's commitment to expanding its presence in India and leveraging data analytics to enhance patient care. The transaction also highlights the positive trend in the Indian commercial office category, despite global economic uncertainties.Read more
The Nashik Municipal Corporation (NMC) in India has experienced a boost in property tax revenue with the inclusion of newly acquired properties. The addition of a minimum of 51,000 newly identified properties has contributed an extra annual revenue of Rs 25 crore. The NMC has been focusing on expanding the range of properties subject to taxation, particularly those without proper building completion certificates. This initiative has led to a rise in the overall count of taxed properties in Nashik city, which now stands at 5.33 lakh. The NMC aims to achieve a property tax collection of Rs 210 crore for the current fiscal year.Read more
The Mangaluru City Corporation (MCC) is facing concerns from citizens and corporators regarding the increase in property taxes for the fiscal year 2023-24. The amendment to the Karnataka Municipal Corporation Act in 2021 changed the calculation of property taxes based on the property's current guidance value, including unoccupied land. The MCC council members and representatives expressed their concerns about the substantial tax burden on individuals with unoccupied land and the potential difficulties faced by middle-class families to fulfil the tax obligations. Chief Whip Premanand Shetty emphasized the need to bring this matter to the government's attention.Read more
Phoenix Mills, India's leading mixed-use project developer, reported impressive financial results for Q4 FY23. Net consolidated profit surged by 149.86%, reaching Rs 293.19 crore, while total income grew by 45.19% to Rs 754.73 crore. A final dividend of Rs 5 per share was proposed. The company's EPS and share price also saw positive trends. With strong demand for residential properties, The Phoenix Mills achieved robust sales growth. As a prominent player in real estate development, the company maintains tangible property investments in various Indian cities.Read more
Purvankara, a renowned real estate developer in India, reported a net consolidated profit of Rs. 26.75 crore in the quarter ending on March 31, 2023, marking a significant improvement compared to the net consolidated loss in the same quarter of the previous fiscal year. The company's total income for Q4 FY23 rose by 39.44% to Rs. 446.39 crore. The exceptional performance can be attributed to recent product releases, advancements in ongoing projects, and substantial collections of Rs. 2,258 crore. Purvankara experienced a year-over-year growth of nearly 21% in sales, selling 1.21 million square feet for Rs. 1,007 crore.Read more
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